(This is CNBC Pro’s live coverage of Friday’s analyst call and Wall Street chatter. Please refresh every 20-30 minutes to see the latest posts.) Companies discussed by analysts Friday include a major U.S. bank and a social media company. KBW upgraded Bank of America to outperform. Meanwhile, Piper Sandler reiterated Pinterest as a top pick and called for a 20% rise. See the latest calls and chats below. All times are Eastern Time. 6:04 a.m.: Loop Capital raises Costco price target Loop Capital is even more bullish on Costco after visiting a Los Angeles store. “We see the team focusing on value and volume, with increasing store-level adjustments to maximize relevance across clubs,” said analyst Laura Champine, who reiterated her support for the wholesaler. Buy rating and raised price target to $940 per share from $890. Loop’s forecast implies an increase of more than 11% from Thursday’s closing price of $845.96. Champagne added: “While deflation may pose a challenge to competition, field managers are reporting corresponding or larger increases in production to offset this.” Costco shares are up about 28% in 2024. Inflection point income from interest could drive stock prices higher in the future. The analyst upgraded Bank of America’s stock to outperform from market perform and raised his price target to $46 per share from $37. KBW’s forecast implies an upside of more than 17% from Thursday’s closing price. “Only one cut is currently expected in 2024, and combined with improved write-off earnings, we expect NII in Q4 2024 to be 5% higher than our Q2 2024 guidance,” Conrad said. “While BAC is considered asset-sensitive on parallel transfers, but we believe the curve will slowly turn positive over the next two years. Additionally, BAC’s cumulative deposit beta is 53%, in line with peers; however, due to floating rate liabilities, , its total debt beta is higher than peers (76% vs 59%), mitigating the impact of the decline at the short end of the curve,” the analysts added. Bank of America shares could rise 16% in 2024. Be bullish on Pinterest Piper Sandler. Analyst Thomas Champion reiterated that social media companies are the top choice. He gives the stock an Overweight rating and a price target of $52, implying a 20% upside over the next 12 months. To be fair, Champion acknowledged that some advertising metrics — including those for Amazon Partners — have been weak of late. However, “we would like to remind investors that (1) we expect volatility in testing/ramping, (2) auctions will naturally offset this, and (3) most of the strength in 1Q24 was driven by 1P improvements. We recently Also talked to the company and concluded that Pinterest stock is up more than 16% year-to-date PINS YTD — Fred Imbert.
